EMPOWER THE FUTURE... THE FUTURE Change begins with the youth! While this might be a seemingly simple concept, its long term impact and importance for the future of Sri Lanka’s corporates and the nation cannot be underplayed. This year, with a keen eye on the future of the HR profession and its implications for the labour force in Sri Lanka, IPM Sri Lanka embarked on several initiatives to ‘Empower the Future’ of this nation and her people. With a vested interest in ensuring growth and prosperity across the board, IPM Sri Lanka will continue to adopt both conventional and nonconventional approaches to nurture and develop the members of the HR fraternity, thereby empowering the future. With its eyes set on propelling prosperity through best practices in HR, IPM Sri Lanka strives to strengthen the people of this nation with knowledge, skills and attributes needed to elevate the broader society to the next level of success. IPM Sri Lanka - Annual Report 2016 1 2 IPM Sri Lanka - Annual Report 2016 EMPOWER THE FUTURE... IPM SRI LANKA THE NATION’S LEADER IN HRM IPM Sri Lanka is the premier professional body in the field of Human Resource Management in Sri Lanka. Incorporated by an act of Parliament in 1976, the vanguard Institute is officially mandated by the State to advance the Principles, Practice and Techniques of Human Resource Management in the country. To its credit and the benefit of HR at a national, as well as corporate level, IPM continues to engender greater focus on the development of skills and competencies at both an individual and institutional level. From its inception in 1959, the institute’s noteworthy contributions have enhanced the value of HR significantly, and have contributed in no small measure to the development and nurturing of human resources, and elevating the profession as a value-creating discipline within organisations. The establishment of IPM Sri Lanka has given a tremendous boost to the HR fraternity including individuals, practising HR Managers and Employers, with its pioneering efforts and continued engagement in raising the bar in Human Resource Management. Consequently, IPM has surged ahead from the competition to take the top slot as the undisputed leader of professional HR education in Sri Lanka. Among the crucial factors that have propelled IPM Sri Lanka to emerge as the nation’s leader in Human Resource Management are; superior and industry- relevant study courses to course recognition, international affiliations, state-of-the-art infrastructure, a highly acclaimed faculty, academic performance of its student body and myriad student-centric features. While catering to the needs of the membership, especially in terms of upgrading their knowledge and skills through professional study courses, which include the prestigious IPM Professional Qualification in Human Resource Management (PQHRM), the Institute also offers a wide spectrum of opportunities for networking, sharing of best practices and exposure tours, thereby aiding in the professional development of members. IPM Sri Lanka, whilst being a member of the Organisation of Professional Associations (OPA) of Sri Lanka, also functions as a member of the Asia Pacific Federation of Human Resource Management (APFHRM), through which the institute is affiliated to the World Federation of People Management Associations (WFPMA). IPM Sri Lanka - Annual Report 2016 3 VISION To be the guiding force and the leader in developing best practices in People Management in the Asian region. MISSION • We open pathways to the Human Resources Management profession. • We are the knowledge centre for local and regional people Managers. • As the catalyst and partner in human capital development, we continuously improve quality, standards and practices in the profession. VALUES • We demonstrate integrity in all our dealings. • We are passionate about providing quality, timely and excellent services. • We show mutual respect in all interactions. • We are courageous and seek out challenges to be ahead. • We are conscious of the need to be one team. • We encourage diversity within our team. 4 IPM Sri Lanka - Annual Report 2016 EMPOWER THE FUTURE... OBJECTIVES • To ensure a high level of professional standards and competence among the membership and those aspiring to become members. • To promote the study of Human Resource Management and to encourage research into the best means and methods of applying the principles and techniques of Human Resource Management. • To promote the image of the Institute and its membership, and to provide leadership to the Human Resource Management profession in Sri Lanka. • To influence National Policy formulation in areas related to the Human Resource Management profession. • To facilitate networking among HR professionals, to share and develop knowledge, exchange views at national as well as international level. • To maintain our status as the leading HR authority in Sri Lanka by upholding high standards of competence, ethics, values and professionalism among the membership. IPM Sri Lanka - Annual Report 2016 5 OPERATIONAL HIGHLIGHTS The Great HR Quiz 2016 Third programme of PhD grant was introduced IPM Kurunegala Regional conducted for the ‘HRM for Life’ to IPM members. Centre was opened second consecutive year. was held in Kurunegala with the in September 2015. participation of over 250 members of the professional community in the region. The revamped Kandy Conducted Won the ‘Silver Award’ Established a Membership Regional Centre was opened IPM Business Leaders’ Forum at the 51st Annual Reports Exchange Programme in December 2015. attracting over one hundred Awards Competition 2014/2015, with the Bangladesh Society business leaders. under the SME Category. for Human Resource Management (BSHRM). Received a Commendation Successfully conducted the 1st Research Symposium of Established Award based on the Malcolm National HR Conference 2016 IPM Sri Lanka IPM Toastmasters Gavel Baldrige Criteria at the Sri Lanka with over 1000 participants in was successfully held Club. National Quality Awards attendance - highest alongside the National HR Competition 2015. participation ever. Conference 2016. 96 members were enrolled IPM’s premier qualification under different membership PQHRM was upgraded and categories. re-launched. 6 IPM Sri Lanka - Annual Report 2016 EMPOWER THE FUTURE... FINANCIAL HIGHLIGHTS 2015/2016 2014/2015 Productivity Revenue - Rs. Mn 299.96 255.89 Net Revenue/Gross Margin - Rs. Mn 186.50 158.42 Gross Margin Ratio (%) 62.17 61.91 Head Count - No. of Staff 59 55 Revenue per employee - Rs. Mn 5.08 4.65 Year End Data Total Assets - Rs. Mn 511.37 480.38 Total Equity - Rs. Mn 289.03 272.27 Bottom Line Performance Surplus Before Tax - Rs. Mn 17.28 40.40 Surplus After Tax - Rs. Mn 16.80 39.95 Rs. Mn Rs. Mn 299.96 289.03 Revenue Total Equity Rs. Mn Rs. Mn 511.37 16.80 Total Assets Surplus After Tax IPM Sri Lanka - Annual Report 2016 7 IPM SRI LANKA PRESIDENT’SMESSAGE As President of IPM Sri Lanka, it is with great pleasure I present the achievements of our institute during the past year which includes both new and ongoing initiatives. The success of these initiatives has helped us to grow both operationally and financially, making this year a tremendous success, thus living up to our reputation as the nation’s premier HR professional body. 8 IPM Sri Lanka - Annual Report 2016 EMPOWER THE FUTURE... As President of IPM Sri Lanka, it is with great pleasure I present The curriculum of PQHRM - the premier HR qualification offered the achievements of our institute during the past year which by IPM Sri Lanka was revised for the first time since the launch of includes both new and ongoing initiatives. The success of these this programme in 2004. It is envisaged that this improved PQHRM initiatives has helped us to grow both operationally and financially, study programme will add further credence to the professional making this year a tremendous success thus living up to our outlook of our graduates and make them globally competitive HR reputation as the nation’s premier HR professional body. Professionals with balanced theoretical and practical exposure. This would not have been possible without the active support The new PQHRM has been structured in line with renowned and participation of our employees, the Governing Council and global qualification frameworks covering four levels: Operational, our valued membership, who are the most important component Managerial, Strategic Level 1 and Strategic Level 2. The new in the success of our institute. It is encouraging to note that our programme consists of 90 credits and is based on an improved membership base is continuing to grow. assessment and semester system. Further, we have also introduced a system of granting exemptions for students and The surplus of LKR 16.8 million through operational activities has professionals to enter the programme at different levels, thus provided us with a sound financial platform, which has enabled creating more flexibility. us to deliver an exceptional service to all our stakeholders, may it be our students, members, employees or resource personnel. The new PQHRM programme was launched with the enthusiastic We have played a leading role in facilitating and encouraging our participation of academics, professionals and industry experts members and all Human Resource professionals in embracing recently. high performance work practices that can propel their respective organisations. Plans are currently underway to launch B.Sc. (HRM) General/ Special Degrees with the approval of the Ministry of Higher Four specific objectives were set out at the beginning of the year. Education. The final draft of the document to obtain ‘degree First, we set out to uplift the range and quality of our member awarding status’ for IPM Sri Lanka has already been submitted. services. We have continued to deliver a wide range of resources, We have also been successful in forging an international products and services that our members value and expect from collaborative partnership with one of the leading universities us.